Electric_boogaloo

Hi all,

I’m glad to have found this site! I’m currently a UK citizen living and working in the New York (H1B since 2018) but wanting to move back home early next year.

A little background: I was moved over to the USA by the firm I work for in 2017, initially on an H3, and then decided to stay longer and got the H1B and in October 2018 switched to that Visa. The firm has been been restructuring a few things recently and told me my role would likely not be needed much longer, basically giving me a few months to find a new role without firing me.
Given my parents/family live in the UK and aren’t getting any younger, I would like that new role to be back in the UK.

Hence, I want to quit my job in the New Year (once I’ve found something in the UK) and move back to the UK. Unfortunately, I have no idea about the tax/immigration implications of me leaving the US (I moved and invested pretty much all my net worth to the US now) and to further complicate things, I was born outside the UK, so I have been classed as non dom resident in the UK prior to moving to the US.

I plan to get professional accountants and immigration lawyer advice as soon as possible too, but I wanted to ask the community here if they have any advice too, as I barely even know where to start.

My firm has been handling my tax situation since I moved so I just trusted them but it also meant that I never got myself deeply up to speed on things. I know about the not using my US credit card when back in the UK, and setting up new accounts for investment income once I’m moving but other than that, I know nothing, so any starting points would be greatly appreciated...

civilservant

This might be better served by being moved to the 'Moving back to the UK' section of the forum.

Rete

He is in need of advice on US tax implications on his return to the UK. Moving Back to the UK will not help him.

Electric_boogaloo

Yes I think this is more of a tax and “things I am not thinking of” (for example visa issues, medical for some reason? Etc) type question. I have family here in the UK, so “culturally” it’s all fine, but I was for example told I can’t move any of my money back to the UK without being taxed additionally on it, which has me worried - I moved all my money (what little amount I had..!) to the US and now not being able to move it back has me worried about rental deposits, etc if I move back before starting any new job. Hence I thought I’d ask people who may have been in a similar situation.

MidAtlantic

I don't know where you are getting your information from but you can move your money back without any problem. It will not be taxed. Currency exchange companies like Transferwise (there are several others) are commonly used and, unless you are talking about a large sum, will give you the best value.

chuckles67

What is the thing here - why should someone not use a US credit card when back in the UK?
I have heard that you should keep no more than 60kUSD (?) in the U.S. after finally leaving - sorry I can't recall why though.

Electric_boogaloo

I am technically a non-dom, so I believe it has to do with remittance and arising basis of taxation. Another item I’m learning more about but as I understand, once I move here any money gets an additional tax hit from the HMRC (vs just the US) so it behooves one not to do so.

Apprecaite the $60k heads up, I’ll look into that a bit more, have definitely not heard that, especially with a fixed amount of money.

Thanks!